Wednesday, 7 December 2016
Last updated 16 hours ago
Oct 25 2011 | 11:38am ET
Affiliated Managers Group continued its strong run in the third quarter, posting another double-digit increase in profit as its portfolio companies continued to take in new money.
Prides Crossing, Mass.-based AMG, which invests in asset managers and owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management, ValueAct Capital and Value Partners Group, said its quarterly profit rose 18% year-on-year. In the previous three quarters, the firm had enjoyed at least an 80% increase, and in the fourth and first quarters saw its profit double.
"We are pleased with the ongoing success of our global distribution strategy, which continues to generate meaningfully positive net client cash flows, including $24 billion of net new client assets in the last 12 months," CEO Sean Healey said. Some $4.9 billion of that total came in the third quarter.
AMG's profit for the quarter was $40.1 million, up from $34 million last year.